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A Non-interactive Methodology to Assess Farmers' Utility Functions: An Application to Large Farms in Andalusia, Spain

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  • Amador, Francisco
  • Sumpsi, Jose Maria
  • Romero, Carlos

Abstract

This paper proposes a methodological approach for eliciting farmer' utility functions. The methodology is non-interactive, in that the parameters defining the utility function are obtained by observing the actual behavior adopted by farmers without resorting to the use of questions on random lotteries. The methodology recognises that the farmer attempts to achieve several objectives, most of which are in conflict. The methodological approach is applied to a large farmer in the county of Vega de Cordoba, Spain. The primary empirical finding of this research was a satisfactory explanation of farmers' behaviour through a multi-attribute utility function with three attributes: working capital, risk and level of relative profitability. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Amador, Francisco & Sumpsi, Jose Maria & Romero, Carlos, 1998. "A Non-interactive Methodology to Assess Farmers' Utility Functions: An Application to Large Farms in Andalusia, Spain," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 25(1), pages 92-109.
    • Handle: RePEc:oup:erevae:v:25:y:1998:i:1:p:92-109
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